Business Payment account (for high risk)

Both banking institutions and payments systems should obtain a corresponding license giving them the right to provide financial services. A payment system answers to the same state financial regulator in the country of its registration as a banking institution (for example, Bank of Lithuania). It is also obligatory for a payment system to be audited and develop a strategy ensuring safety and stability of the electronic money of the client, which would comply with the regulator’s statutes and requirements. Thus, your funds will be as safe in a payment system as in a bank.

Payment systems allow clients to hold funds in different currencies, therefore it could be more beneficial for those working for the international market. Additionally, payment systems licensed in EU countries usually have access to the Single Euro Payment Area SEPA (Single Euro Payment Area).

To the contrary to the banks, payment systems don’t require the clients to do any personal visits to institutions, the whole process of account opening can be done completely remotely, as well as managing the account itself. Most payment systems offer their own application for more convenient use. Additionally, the money transfer through EMI’s or PSP’s usually takes less time in comparison with bank transfer which can take several days.

While banks can offer a wider range of services, including giving loans, holding deposits and investments, payment systems focus on facilitating the transfer of funds from one party to another. It’s designed to be fast, efficient and secure, allowing people to quickly and easily transfer money between accounts or make purchases.

When it comes to opening an account in a banking institution for operating a high-risk activity such as Forex, gambling, crypto exchange, etc, it often ends up with a failure due to the high demands and regulations from the bank. The chances to open a merchant account with a payment system are a lot higher, since a wide range of them were designed to serve such a purpose and have a more convenient and fast onboarding process.

Gambling, online casino, lottery​;

Issuance of electronic money;

Virtual assets exchange​;

Pharmaceutical and chemical business​;

Tobacco and alcohol products​.

List of the documents might be requested

• Corporate documents (Articles of Association, Registry card, etc).
• Identification card or a passport of directors and beneficiaries.
• Proof of address such as utility bill of a personal bank statement.
• Additional documents indicating planned activity and the business development.
• In case a company owns a website, it would be necessary to provide proof of domain.
• Other documents that might be connected to your personal cause.

Timeframe for setting up an account

The timeframe might be different due to the complicity of each case and the payment system itself. The whole process can take from 1 to 3 weeks until the final answer is received.

How to prepare for onboarding?

There are a couple of important aspects to think through in order to prepare for the onboarding process with the payment system:

• Purpose: there are different kinds of accounts, each of them serve its purpose. Do you need an account for share capital contribution or for work with clients?
• Currencies: decide which currencies you would like to work with.
• Geography: it’s important to understand on which territory you would like to operate.
• Security: depending on the activity it could be mandatory to provide methods of fraud prevention or anti money laundering policy.